I have the family photos cataloged in Lightroom. But since I'm the only one in my family that knows how to use Lightroom, I also have a secondary organization by folders. The secondary organization is just placing the images in folders labeled by year. I have folders from 1822 to 2020. (Photography really dates from the 1830s and wasn't widely used until the 1860s so the earlier years are photos of papers such as newspapers, wills, letters, and things like that. My earliest family photo is from around 1866). Within a year I have subfolders for different branches of the family.
Of course many photos that are passed down within a family have minimal documentation. Sometimes something is written on the back. Useful if it's not pasted into a photo album. For my family, I have to estimate the year of capture by estimating ages and having a genealogy handy, or by trying to identify the event.
This is all on a Win10 system and File Explorer can handle tags added to jpgs. You can even search on the tags or edit them. I would expect a Mac to have similar capabilities but since I'm not a Mac guy I can't state that definitively. At any rate, the tags are metadata and not everyone knows what to do with metadata. Wherever I feel it's important, I add annotation to photos so future generations will know who is whom. There are several different ways to annotate a photo. Probably the best way is to add white space to one edge (I usually place it on the bottom edge) and add text on that white space. Sometimes group shots require other techniques for clarity.
I started to put together a set of tutorials for adding documentation. They are a work in progress, but you might get some ideas from them.
https://www.uglyhedgehog.com/user-page?upnum=2967 Add Documentation to photos using Photoshop
https://www.uglyhedgehog.com/user-page?upnum=2969 Add Documentation to photos using Windows Paint (Sorry I don't have anything for you Mac people)
https://www.uglyhedgehog.com/user-page?upnum=2968 Adding Identification to Group Photos
https://www.uglyhedgehog.com/user-page?upnum=2971 Convert group photo to outline using FastStone
https://www.uglyhedgehog.com/user-page?upnum=2970 Convert group photo to outline using IrfanView
https://www.uglyhedgehog.com/user-page?upnum=2973 Convert Group Photo to Outline using ImageMagick (incomplete)
https://www.uglyhedgehog.com/user-page?upnum=2972 Convert group photo to outline using Photoshop (incomplete)
PS: If you are intending to pass your photos down to future generations, you might seriously consider changing the file names to give some indication of who, what, where, when, why, even if you don't annotate the photos.
PPS: The subject of image format has been discussed elsewhere. Some people feel that photos for archival purposes should be saved as a tif or png since jpg involves a lossy compression. Personally, I feel that a jpg is fine for archiving old photos since (1) the condition of the old photo is frequently not pristine, so jpg artifacts are not important; (2) jpgs can be saved at low compression to minimize artifacts; (3) jpg is a widely accepted standard format for images; and (4) most distribution of archival photos is via copying, which does not produce additional artifacts to a jpg.